the contemporary american ssa in the light of ceos remuneration evolution

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1、115December2006thecontemporaryAmericanSSAinthelightofCEOsremunerationevolutionRobertBoyerPSE-PARIS-JOURDANSCIENCESECONOMIQUES(JointresearchunitCNRS-EHESS-ENPC-ENS)48,BoulevardJourdan75014PARIS,FrancePhone:(33-1)43 13 62 56—Fax:(33-1)43 13 62 59e-mail:boyer@pse.ens.frwebsite:http://www.jourd

2、an.ens.fr/~boyer115Paperpreparedfortheconference“GrowthandCrises:SocialStructureofAccumulationTheoryandAnalysis”,November2nd-4th2006atTheNationalUniversityofIrelandinGalway.115thecontemporaryAmericanSSAinthelightofCEOsremunerationevolutionRobertBOYERAbstractTheexplosionofCEOsremunerationdur

3、ingthe90sandthepersistenceofunprecedentedlevelsinthe2000sareusedasanevidenceoftheemergenceofafinanceledSSAoraccumulationregimeinthetermsofrégulationtheory.Itisarguedthatthediffusionofstock-optionsandfinancialmarketrelatedincentives,thatweresupposedtodisciplinemanagers,haveentitledthemtoconv

4、erttheirintrinsicpowerintoremunerationandwealth,bothatthemicroandmacrolevels.Thisistheoutcomeofadefactoallianceofexecutiveswithfinanciers,whohavethusexploitedthelongrunerosionofwageearners’bargainingpower.Thisdefactoinstitutionalcompromisehasbeenstructuringanewaccumulationregime,quitespecif

5、ictotheUS.Itisnotclearthatthisregimeshouldorcoulddiffuseallovertheworld,sinceitishighlyspecifictotheUSeconomy,evenifthediffusionofstockoptionsandfinancialisationhasbeenquitegeneral,butnosostrong,inotherOECDcountries.115Contents1.Introduction:AnindirectapproachtoemergingSSA12.Theemergenceoft

6、hecorporation:twocenturiesoftheorisingbysocialscientists2Divisionoflabourandsizeofthemarket:fromAdamSmithtoAlfredChandler3Fromapurelegalentitytoanorganicconceptionofthefirm:BerleandMeans4Stateinterventionsandlegalconceptionsshapetheinternalorganisationofthecorporation:fromKennethGalbraithto

7、NeilFligstein4Theemployeesrecognitionasstakeholders:AlfredSloan5Theembeddednessofthefirmintocivilsociety:MarkGranovetter53.Managersandcorporation:fromtheendofXIXthcenturytoearlyXXIstcentury6Thecrisisofthepreviouslysuccessfulmanagerialcorporation6Valuecre